Thursday, January 19, 2012

Presidential Elections 2012 - #3583 - Daniel Henninger: Bain Capital Saved America - Wall Street Journal (2) Michael Barone: GOP Hopefuls Forget Boy Scout Motto: 'Be Prepared' Washington Examiner

Not only did Bain Capital save America, but no matter what turn Mitt Romney's political career takes, Bain Capital may stand as the best of Mr. Romney's lifetime contributions to the nation's economic well-being. If only he'd tell the story.  We are of course putting forth "Bain Capital" as not merely the Romney private-equity house but as the stand-in for the period of American economic history that ran from 1980 to 1989. Back then it was called the Greed Decade, with asset-stripping barbarians at the gate. Virtually everything about this popular stereotype is wrong. Properly understood, the 1980s, including Bain, were the remarkable years when an ever-resilient America found a way to save itself from becoming what Europe is now—a global has-been.  After centuries of First World status—and all the perquisites of prestige and power that came with it—Europe is watching its economic status slide inexorably toward new national powers in the East and elsewhere. Because of the modernizing change that Bain and others like it forced on U.S. corporations in the 1980s, we are not fading. Not yet.  Read more........

Michael Barone: GOP Hopefuls Forget Boy Scout Motto: 'Be Prepared' - Washington Examiner - As the Republican presidential candidates struggle to finish first or second in the usually crucial South Carolina primary, they seem to be ignoring an important political rule, summed up in the Boy Scouts' motto: "Be prepared."  The presidency is a job that tends to require intense preparation and study. Sometimes presidents have to respond to unanticipated emergencies. But mostly they need to be prepared when they take initiatives or respond to events in a way that is sustainable and credible.  The most visible case of unpreparedness in South Carolina this week was Mitt Romney in Monday night's debate, when he was pressed to disclose his income tax returns -- an issue he should have seen coming. But Romney hemmed and hawed, visibly uncomfortable, and finally came out with a new commitment to disclose them some time in April. He compounded his problem after the debate by volunteering that his tax rate "is probably closer to 15 percent than anything" and characterizing his income from speeches as "not very much" when, according to disclosures he has made, it was $374,328 between February 2010 and February 2011. These are answers that would have been shouted down in any genuine practice session. One can only conclude that Romney's advisers didn't press him on the issue and that he didn't press them to press him  Read more........

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